IIBF KYC AML Quiz 6

If account is opened for a low risk customer without proper due diligence, in what time the customer verification should be completed

• 15 days

• 1 month

• 3 Months

• 9 Months

In respect of Self-Help Groups (SHGs), which of the following statements are correct, as per KYC guidelines?

• KYC verification of all the members of SHG to be carried out while opening the SB account
  

• KYC verification of all the office bearers to be taken
  

• KYC verification of the members to be taken, at the time of credit linking of SHGs.
  

• b & c.
  

What type of accounts can be opened for foreign students studying in India?

• NRO account
  

• NRE account
  

• BSBD account
  

• Any of the above
  

What are the documents to be verified for a foreign national student?

• On the basis of passport with visa and immigration endorsement, which bears the proof of identity and address in the home country;
  

• The admission letter from an educational institute in India; and photographs
  

• In the case of Pakistani nationality, approval letter from Reserve Bank of India is needed for opening the account
  

• All of the above
  

What is the provision available to the bank under KYC, if the foreign student studying in India is unable to provide the local address, at the time of opening the accounts?

• To obtain the declaration from the student for providing the local address within a period of 30days.
  

• Pending verification of address, permit remittance to the account not exceeding USD1000,
  

• subject to a cap of Rs. 50,000/- on aggregate during the 30 days period.
  

• She/he is a low risk customer, hence six months’ time may be permitted
  

• Bank can proceed as per ‘a’ and ‘b’.
  

Which of the following statement is correct in respect of STR filed accounts?

• On filing the STR operations in the account to be stopped.
  

• Due notice to be sent to the account holder regarding filing of STR
  

• If the party does not submit satisfactory clarification regarding suspicious transactions within a period of three months branch has to stop operations in the account
  

• Bank should not put any restriction on operations in the account and the bank has to keep the fact of filing of STR strictly confidential
  

While opening the account branches have to verify the name of the proposed account holder with terrorist list uploaded in the system. The exercise is put in place in compliance of which act?

• Section 51A of the Unlawful Activities (Prevention) UAPA Act 1967,
  

• BR Act
  

• RBI
  

• None of the above
  

Who /what is Money mules?

• Money Exchangers
  

• It is a sort of payment bank dealing purely in currency
  

• Coin dispensers
  

• Accounts of third parties recruited illegally, accessed by criminal, to launder the proceeds of phishing and identity theft
  

What is UCIC?

• Union of Credit Information Companies
  

• Unique Corporate Identification Code
  

• Unique Customer Identification Code
  

• Unlimited Connections International Corporation
  

Which of the following group of customers, will be categorized as a low risk customer, as per Provisions of KYC

• Govt. Dept. A joint stock company
  

• Partnership firm, a salaried employee
  

• A salaried employee, govt. dept.
  

• All the options are correct